Connect with us

News

Trade Minister pledges 75% reduction in CoL by 1st quarter!

Published

on

Trade, Commerce and Food Security Minister Nalin Fernando pledges a significant reduction of 75% in the cost of living burden on the people by the end of the first quarter this year. 

He attributes this positive outlook to the initiation of 2024 with a positive economic growth rate.

Minister Fernando expressed his commitment to enhancing consumer rights by introducing a new program for the Consumer Authority, aiming to provide greater security for consumers. 

The Minister’s remarks were made during a press conference at the Presidential Media Center (PMC) today (03) under the theme ìCollective Path to a Stable Countryî.

He acknowledged the impact of India’s halt on big onion exports, which has reverberated in Sri Lanka. However, the minister assured that the situation will be sort within the next two weeks when India relaxes its restrictions on onion exports.

Minister Nalin Fernando further commented:

“We embark on the year 2024 with a positive economic growth rate. Notably, by the end of the first quarter, the cost of living burden on the people is projected to decrease by 75%. The existing tax policy assures continued relief for citizens in the future.

While some argue against levying taxes for government income, it must be emphasized that such statements are counterproductive to the country’s economic growth. Citizens bear the responsibility of supporting government investments in the country’s future using tax revenue. Critics often cite high taxes as a reason for leaving the country. However, taxation in our country stands at a modest 12%, significantly lower than the 38% to 43% in countries attracting emigrants. These nations have thrived due to their tax policies.

The interruption in big onion exports from India has impacted our country, but resolution is expected within the next two weeks when India relaxes export restrictions. Improper publicity surrounding tax amendments, including VAT, has led to unwarranted price hikes by intermediaries and some companies, placing pressure on the people.

In the first quarter of 2024, Lanka Sathosa aims to open five new mega stores and ten regular Lanka Sathosa stores. By year end, the plan is to expand the Lanka Sathosa outlet network to 500 outlets. Expanding the network to 500 outlets serves the primary goal of enabling consumers to purchase goods at government subsidized prices without shortages. In 2024, the goal is to increase the total income of Lanka Sathosa Company to nearly Rs. 70 billion, achieving an operating profit of nearly Rs. 1.5 billion. The company aims to secure a net profit of Rs. 500 million amidst the economic challenges.

A new program for the consumer authority is anticipated in 2024, aiming to enhance consumer rights. The Department of Measurement Units, Standards and Services will be fully computerized to meet people’s needs in the first four months of the year.”

(President’s Media Division)

News

Additional Health Secy. to Court

Published

on

By

Additional Secretary to the Ministry of Health Dr. Saman Rathnayake who was arrested and remanded over the medicine procurement scandal was escorted to the Maligakanda Magistrate’s Court, to provide a confidential or In Camera statement.

Saman Ratnayake, who was interrogated for over seven hours, was arrested at the Criminal Investigation Department last Friday.

He was presented before the Maligakanda court last Saturday.

When the case was called, the magistrate remanded the suspect until March 14, considering the facts presented by the Deputy Solicitor General Lakmini Girihagama.

The suspect thereafter informed court via counsel of his willingness to provide a statement In Camera.

Therefore, the magistrate ordered the suspect to appear before the court on March 4, today, to deliver the confidential statement.

(News 1st)

(Except for the headline, this story, originally published by News 1st has not been edited by SLM staff)

Continue Reading

News

Electricity, petroleum supply, declared essential services

Published

on

By

An Extraordinary Gazette has been issued declaring all activities related to the supply of electricity and petroleum products as essential services.

The relevant gazette has been issued by the Secretary to the President Saman Ekanayake on Sunday (03) by order of the President Ranil Wickremesinghe.

Continue Reading

News

Fuel price revision likely tonight?

Published

on

By

A fuel price revision is likely to take place tonight (04), as per sources.

The Ceylon Petroleum Corporation (CPC) stated that although the fuel price was slated to be revised at the end of February, the price revision will possibly take place today.

The CPC amends the fuel prices monthly as per the pricing formula. Accordingly, the prices were last revised on January 31, where the prices of octane 92 petrol, octane 95 petrol, super diesel and kerosene were increased.

Against this backdrop, President Ranil Wickremesinghe has issued an Extraordinary Gazette declaring all services connected to the supply of electricity and the supply or distribution of petroleum products and fuel as essential services with effect from 03 March 2024. 

Accordingly, the proclamation states that the services specified have been declared as Essential Public Service considering it necessary that the services provided by any Public Corporation or Government Department or Local Authority or Co-operative Society or any branch thereof being a Department or Corporation or Local Authority or Co-operative Society, which is engaged in provision of the services specified, is essential to the life of the community and is likely to be impeded or interrupted.

In the meantime, the Fuel Distributors’ Association alleges that the CPC has taken steps to incur a usage fee of 35% of the monthly rebate amount received by the fuel distributors. President of the association Shelton Fernando claimed that through this action, it will not be possible for them to even meet the daily expenses for the distribution activities.(adaderana.lk)

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved